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Turning to China in a crisis
Turning to China in a crisis
Last Modified: 13 Oct 2008
By:
Nick Paton Walsh
Could Beijing's cash help the rest of the world out of the credit crunch?
It could become the world's new economic powerhouse with $2tr in foreign reserves.
The American government has borrowed heavily from China in the past, now many believe it will have to ask for more of the same.
But Beijing won't be offering any blank cheques: it's likely to ask for large concessions in return.
And that could hand China's leaders huge political leverage.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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